NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx.
Apartments will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless.
Completion of the 14-story building is scheduled for fall 2024.
The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.